Lien Priority. Any Lien created hereunder or by any other Loan Document shall at any time fail to constitute a valid and perfected Lien on any of the Collateral purported to be secured thereby, subject to no prior or equal Lien, other than Permitted Liens which are permitted to have priority in accordance with the terms of this Agreement; provided, that such circumstance is not solely due to Collateral Agent’s failure to file an appropriate continuation financing statement, amendment financing statement, initial financing statement; or

Lien Priority. There is a material impairment in the perfection or priority of Agent’s security interest in the Collateral; or

Lien Priority. Any Lien created hereunder or by any other Loan Document shall at any time fail to constitute a valid and perfected Lien on any of the Collateral purported to be secured thereby, subject to no prior or equal Lien, other than Permitted Liens which are permitted to have priority in accordance with the terms of this Agreement; or

Lien Priority. Any Lien created hereunder or provided for hereby or under any related agreement for any reason ceases to be or is not a valid and perfected Lien having a first priority interest (subject only to Permitted Encumbrances that have priority as a matter of Applicable Law to the extent such Liens only attach to Collateral other than Receivables or Inventory) except as a result of # Agent’s failure to maintain possession of any stock certificate, promissory note or other instrument delivered to it under the this Agreement or the Other Documents or # Agent’s failure to make any filings or recordations necessary to maintain perfection;

Lien Priority. The Property shall remain and continue in all respects subject to the Security Instruments and nothing in this Amendment or done pursuant to this Amendment or the Amendment to Security Instrument shall affect or be construed to affect Administrative Agent’s first-lien priority with respect to the Property.

Lien Priority. Any Lien created hereunder or by any other Loan Document shall at any time fail to constitute a valid and perfected Lien on any of the Collateral purported to be secured thereby, subject to no prior or equal Lien, other than Permitted Liens; or

Lien Priority. Any Lien (other than a Lien released in accordance with the terms hereof) created hereunder or provided for hereby or under any Other Document for any reason ceases to be or is not a valid and perfected Lien having a first priority interest (subject only to Liens permitted under Section 7.2).

Lien Priority. There is a material impairment in the priority of Agent’s security interest in the Collateral;

Lien Priority. There is a material impairment in the perfection or priority of Bank’s security interest in the Collateral;

Lien Priority. There is a material impairment in the priority of Bank’s security interest in the Collateral (other than as a result of any action or inaction by Bank).